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Investors in Aradel Holdings are sitting on gains after the share price roughly doubled, with analysts arguing that refining performance and asset quality still leave room for further upside.

The All-Share Index edged up 0.01 per cent to 247,707.13 points for a second straight gain, but decliners outpaced gainers and the value of trades contracted sharply, leaving the rally resting on a narrow band of energy stocks.